Shai Agassi ousted as CEO of Better Place

Israeli electric car company Better Place (actually it’s a Palo Alto company) said Tuesday that its founder and chief executive was stepping down.

The circumstances surrounding Shai Agassi’s departure were not immediately clear. In a statement Tuesday, company Chairman Idan Ofer said it had achieved its goals under Agassi and had reached a “natural point” for change.

Agassi leaves behind a company that has won widespread praise and attention for his dream of ending the world’s dependence on oil, but which has struggled at times to carry out that vision.

The chief executive of Better Place’s Australian business, Even Thornley, will take over. Agassi, a former top executive at German software maker SAP, will remain on Better Place’s board.

Through a partnership with Renault, Better Place is close to completing nationwide networks in Israel and Denmark. For longer trips, its infrastructure includes changing stations that allow travelers to swap their batteries in a matter of minutes, avoiding the lengthy process of recharging.

But the company has burned through hundreds of millions of dollars, caused in part by a slow rollout of its network and reluctance by consumers to adopt electric cars.

The company says that despite the heavy startup costs, it remains on solid footing and is optimistic about the future. After testing the system for several months, it recently began sales of its all-electric Renault Fluence model to the general public.

Altogether, it says it has raised $750 million and recently secured a 40 million euro loan from the European Investment Bank.